Basics #1 Flashcards
1
Q
Types of businesses
A
Trading
Manufacturing
Commerce
2
Q
Types of transactions
A
Cash transaction
Credit transaction
3
Q
Sides of transactions
A
Purchases
Sales
4
Q
Types of purchases
A
Cash purchase
Credit purchase
5
Q
Types of sales
A
Cash sales
Credit sales
6
Q
Heads of accounts
A
Assets
Liabilities
Capital
Drawings
Income
Expense
7
Q
Types of assets
A
Tangible
Intangible
Non-current assets
Current assets
Liquid assets
8
Q
Types of liabilities
A
Non-current liabilities
Current liabilities
9
Q
Types of capital
A
Fixed capital
Fluctuating capital
10
Q
Types of Drawings
A
Cash drawings
Goods drawings
11
Q
Types of income
A
Direct income
Indirect income
12
Q
Types of expense
A
Direct expense
Indirect expense
